Tariff Surge Sparks Stagflation Concerns as U.S. Economic Outlook Dims

The U.S. economy is facing a new set of headwinds as recently enacted tariffs usher in a modest but concerning stagflationary shock, according to Wells Fargo’s April 2025 U.S. Economic Outlook. The dramatic rise in trade levies—announced by President Trump on April 2—has pushed the effective tariff rate above 20 percent, its highest level in […]